https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. We have a banker and submitted everything last Friday, but he is saying the SBA hasn’t approved release of funds yet (for everyone). The EZ Application eliminates the PPP Schedule A and Schedule A worksheet requirements while also adding additional certifications that the borrower must make acknowledging their ability to utilize the EZ application. If a borrower elects to use the 24 week Covered Period, the deductible amount is capped at $20,833 (the 2.5-month equivalent of $100,000 per year) for each individual or the 2.5-month equivalent of their applicable compensation in 2019, whichever is lower. PPP Loan Forgiveness EZ Application (new). Borrowers with a biweekly (or more frequent) payroll schedule may elect to calculate eligible payroll costs using the 24-week (168-day) period (or for loans received before June 5, 2020 at the election of the borrower, the eight-week (56-day) period) that begins on the first day of their first pay period following their PPP Loan Disbursement Date. ️ PPP Loans may qualify for forgiveness (note that any PPP Loan forgiveness is reduced by the receipt of a $10K emergency advance of EIDL). A reminder that only payroll costs for employees whose principal place of residence is in the United States are eligible. The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP Loan Disbursement Date, or (2) if the Borrower received its PPP loan before June 5, 2020, the Borrower may elect to use an eight-week (56-day) Covered Period. Could a Health Savings Account be Right for You? The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483). Frost Bank CEO: Hoping for $250 billion more in PPP CNBC's Kelly Evans is joined by Phil Green, CEO of Frost Bank, to discuss how Texas energy companies are … Any employees who during the Covered Period or the Alternative Payroll Covered Period (a) were fired for cause, (b) voluntarily resigned, or (c) voluntarily requested and received a reduction of their hours. Late yesterday the SBA finalized and released two loan forgiveness applications which can be accessed online at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. Affiliation rules used to determine small business size are waived for (1) food or lodging companies with not more than 500 employees, and certain businesses that receive financial assistance from the Small Business Investment Company (SBIC) program. It has been very helpful! This is a condensed 3 page application that may be used by borrowers if they meet at least one of the three requirements: PPP Loan Forgiveness Application (revised June 16, 2020.). The bank has processed more than 4,000 applications since they became available and … The SBA loans under Section 1102 of the CARES Act (sometimes referred to as “7(a) Loans”) which are eligible for forgiveness are available to employers with less than 500 employees. Even very large food and lodging service chains are eligible, so long as each physical location only has 500 or fewer employees. Employer health insurance contributions and employer retirement contributions made on behalf of owner-employees, a self-employed individual, or general partners are also not eligible to be included in the loan forgiveness application because they are already included in their compensation. Frost Bank is accepting PPP loan applications for existing customers only. The instructions are updated to reflect not only the changes from the Paycheck Protection Program Flexibility Act (PPPFA), but to provide guidance on some previously unanswered questions: Covered Period & Alternative Payroll Covered Period are updated to reflect the 24 week period provided by the PPPFA. It’s frustrating how some banks don’t seem to want much documentation and others want a ton. Thank you to everyone for all their other comments! Cookies help us deliver our Services. This documentation must include copies of the applicable requirements for each borrower location and relevant borrower financial records. In no event may the Alternative Payroll Covered Period extend beyond December 31, 2020. Documentation regarding any employee job offers and refusals, refusals to accept restoration of reductions in hours, firings for cause, voluntary resignations, written requests by any employee for reductions in work schedule, and any inability to hire similarly qualified employees for unfilled positions on or before December 31, 2020. continuation of group health care benefits during paid sick leave, medical or family leave, or insurance premiums; salaries or commissions (or similar compensation); documentation substantiating the number of full-time equivalent employees on payroll and pay rates for applicable periods (including payroll tax filings; state income, payroll, and unemployment insurance filings); documentation substantiating payments on covered mortgage obligations, lease obligations and utilities (such as cancelled checks, payment receipts, and transcripts of accounts); and. Once they receive the code they will release funds and wait for sba to release funds to them. ️ PPP established to permit wide range of applicants (including sole proprietors, independent contractors, and eligible self-employed workers) to borrow PPP Loans. Anyone received PPP Loan from Frost bank. As expected, the applications incorporated the changes we expected to see from the PPPFA such as (1) updating from an 8 to 24 week covered period, (2) an update to the FTE reduction safe harbor date to December 31, 2020 instead of June 30, 2020, (3) the newly created FTE reduction safe harbor if business activity was impaired as a result of governing agencies, and (4) the updated split of loan proceeds required to be spent 60% on payroll costs and 40% on non-payroll costs. If you received your PPP loan through FirstBank, you must also request forgiveness through FirstBank. We have a banker and submitted everything last Friday, but he is saying the SBA hasn’t approved release of funds yet (for everyone). The first is a revised application (very similar to the previous application) incorporating the changes from the Paycheck Protection Program Flexibility Act (PPPFA). The EZ application is a great alternative for those taxpayers able to take advantage of the safe harbors and meet the eligibility requirements. Eligibility is extended to sole proprietors, independent contractors, and eligible self-employed workers. Thank you to everyone for all their other comments! Borrowers that elect to use the Alternative Payroll Covered Period must apply the Alternative Payroll Covered Period wherever there is a reference in this application to “the Covered Period or the Alternative Payroll Covered Period.” However, Borrowers must apply the Covered Period (not the Alternative Payroll Covered Period) wherever there is a reference in this application to “the Covered Period” only. Anyone received PPP Loan from Frost bank. Generally, companies must maintain employee headcount during the 8-week period after loan disbursement, as compared to employee headcount during either February 15, 2019 through June 30, 2019 or January 1, 2020 through February 29, 2020. It has been very helpful! The application includes a new certification to be made and initialed by the borrower if they claim the FTE Reduction Safe Harbor 1 detailed above. The second is a more simplified EZ Application which borrowers may utilize if they meet one of the three requirements detailed below. It’s so weird that a lady that wore a big bank yesterday said they pretty much approve and then send to SBA for closing docs so I don’t know if different banks do it a different way or what. In no event may the Covered Period extend beyond December 31, 2020. Any positions for which the Borrower made a good-faith, written offer to rehire an individual who was an employee on February 15, 2020 and the Borrower was unable to hire similarly qualified employees for unfilled positions on or before December 31, 2020. Frost Bank execs offer tips for San Antonio-area small businesses to navitgate PPP loan process CEO Phil Green and other bank officials shared the ins-and-outs of the Paycheck Protection Program with local groups Thursday. Employee Payroll Tax Deferral – Guidance Provided by IRS Notice 2020-65, Initial PPP Loan Forgiveness FAQ Released. No the local bank on Callaghan said none of the Frost banks have received any funding yet from the sba. The Borrower did not reduce annual salary or hourly wages of any employee by more than 25 percent during the Covered Period or the Alternative Payroll Covered Period compared to the period between January 1, 2020 and March 31, 2020 (for purposes of this statement, “employees” means only those employees that did not receive, during any single period during 2019, wages or salary at an annualized rate of pay in an amount more than $100,000); PPP Schedule A remains largely unchanged except for the addition of boxes to check if the borrower plans to utilize one of the two available safe harbors: Director of the Centers for Disease Control and Prevention, Occupational Safety and Health Administration. For borrowers using an 8-week Covered Period, this amount remains capped at $15,385 (the eight-week equivalent of $100,000 per year) for each individual or the eight-week equivalent of their applicable compensation in 2019, whichever is lower. 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